Paytm shares – The parent company of Paytm, One 97 Communications Ltd., saw a dramatic decline in its shares on Monday during the late trading session. The stock fell 8.88% and closed the day at Rs 505.25. At Rs 530, it was last seen trading 4.48 percent lower. The scrip’s year-to-date (YTD) percentage was 17.97% at this pricing.
The market regulator is said to have sent showcause notices to Paytm founder Vijay Shekhar Sharma and the company’s directors for violations related to the company’s initial public offering (IPO), which is what caused today’s share price decline.
The company has been questioned by the BSE and NSE stock exchanges about the story “Vijay Shekhar Sharma, Paytm directors face Sebi show-cause notices over IPO breaches.” We are awaiting Paytm’s response.
Since listing, there have been problems with Paytm’s shares. The present problem with Sebi’s reported showcause notices has increased pressure in the medium- to short-term, according to WealthMills Securities Director of Equity Strategy Kranthi Bathini.
Current investors may stick onto their shares, but considering the type of ongoing problems facing the company, this option is only appropriate for people with extremely high risk appetites, the market expert continued.
Since the Reserve Bank of India (RBI) put limits on Paytm Payments Bank’s operations last year due to ongoing substantial supervisory concerns and continuous non-compliance, Paytm has been under a great deal of pressure.
Also Read | Paytm Sells Entertainment Ticketing Business to Zomato for Rs. 2,048 Crore
Regarding technical setup, the Rs 490-480 zone was observed to have instant support on the counter.
Paytm has been on a positive upswing recently, especially after reaching a low in May, and this momentum has carried through to the present.
Currently, the movement is probably being cushioned around Rs 490–480; a significant breach could merely halt the move. According to Osho Krishan, Senior Research Analyst for Technical & Derivatives at Angel One, the Rs 575 to Rs 600 range is likely to be a strong resistance zone, and further upward movement would require a substantial breakout.
Paytm recently finalized the sale of its entertainment ticketing business to Zomato for Rs 2,048 crore. The company highlighted that this deal reflects the significant value Paytm built in the ticketing sector, offering millions of Indians enhanced choice and convenience through its services.
Also Read | Sebi bans Anil Ambani, 24 more securities market firms throughout a five-year period
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